[Seesus]

How soon after occupancy would generally a Condo start to loose its value. Assuming we are in a steady market - after i move into a new condo, is it smarter to live in it for a couple years prior to selling it or is it better to sell a unit that has never been lived in ?

I am seeing resale condos at 190 and 200K for huge sized and reasonable maintenance in OK type areas, If inventory like those are available why should one think about going in for a brand new pre-con condo that are priced quite heavily for even very smaller sizes.

 

[newbuyer]

what makes you think condo prices will depreciate after the occupancy date? More likely it will appreciate, if the location is good.

 

[Seesus]

what makes you think condo prices will depreciate after the occupancy date? More likely it will appreciate, if the location is good.

Seeing whats available in the market for resale as far as Condos go, is priced at much lower rates then the new ones being built ! The gap between the prices seems to be huge - Also after reading all the horrible forums where the forum users have to say all bad things about Condos, I am starting to get worried ! With the maintenance going up and the cost of ownership of a Condo getting much higher than a house - would it still hold or appreciate in value ?

 

[AKS]

Not all condos will depreciate. If you find a reliable builder, chances are it will be a rough ride in the beginning with the transitions, but after awhile it will all smooth out. If the building has bad management or a bad builder, then you will be in a for a long rough ride. Maintenance fees will shoot through the roof. If the condo is built properly and the management is good, maintenance fees will be under control. Also, if the condo is built above average (better looking, location, etc) the condo will appreciate nicely.

 

[northstar]

I am seeing resale condos at 190 and 200K for huge sized and reasonable maintenance in OK type areas....

I'm just curious where these areas are? Most condos I see seem to hover around $250,000-$300,000 for a mid-sized 1 bedroom...

 

[lead82]

I'm curious as well. Condos is good areas are over 200K for 1br. In the 905, you can get a huge space for cheap. My friend just bought a condo in Thornhill, 1200sq ft Tridel building for $240K. It's a 2br+solarium+balcony+huge den, and eat in kitchen ~170/sqft. The downside is maintenance is about 600+/mth.

 

[Seesus]

It's a 2br+solarium+balcony+huge den, and eat in kitchen ~170/sqft. The downside is maintenance is about 600+/mth.

Comparing that with a new condo of approx 700 sqft costs around 290K (for instance the ones near donmills and sheppard) comes to about 401 per sqft. Not only they are expensive but are also extremely compact, Jsut curious on consensus as to Should there be a choice what would be the best option ! 700 sqft @ 401 per sqft or 1200 sqft at 170/sqft ?

 

[newbuyer]

Where do you get 1200sqft @ 170/sqft?

 

[cdr108]

I'm curious as well. Condos is good areas are over 200K for 1br. In the 905, you can get a huge space for cheap. My friend just bought a condo in Thornhill, 1200sq ft Tridel building for $240K. It's a 2br+solarium+balcony+huge den, and eat in kitchen ~170/sqft. The downside is maintenance is about 600+/mth.

maybe my math is off but 1200 SF for $240K is ~$200 PSF.

$600+/m for 1200 SF = $0.50 PSF, which is typical for most buildings ... old and new. more space, more money for maintenance fees

 

[AKS]

maybe my math is off but 1200 SF for $240K is ~$200 PSF.

$600+/m for 1200 SF = $0.50 PSF, which is typical for most buildings ... old and new. more space, more money for maintenance fees

Wait until the HST hits. You can add another $48+/m to the maintenance fee.

 

[lead82]

oops, I guess my math was off. Even so, $200psf is an awesome deal. Sure the building is older, but older buildings are good and often better quality construction than some newer buildings. The unit I'm talking about is a Tridel building at Bathurst/Steeles, so it's good quality.

These units are catered to people who like space and don't mind living in the suburbs, but want to have their space to put their stuff.

 

[cdr108]

oops, I guess my math was off. Even so, $200psf is an awesome deal. Sure the building is older, but older buildings are good and often better quality construction than some newer buildings. The unit I'm talking about is a Tridel building at Bathurst/Steeles, so it's good quality.

These units are catered to people who like space and don't mind living in the suburbs, but want to have their space to put their stuff.

it's a trade off for some ppl ... small but new, or large but older.

some will say the old buildings have bad floorplans and wasted space, but i haven't seen the greatest in layouts with most newer buildings.

besides, for a fraction of the money (say $50 PSF), one could completely renovate the unit from top to bottom and rejig layouts to best suit them.

 

[Seesus]

it's a trade off for some ppl ... small but new, or large but older.

getting back to the price, understanding these old condos are cheaper - has the value gone down over the time ? a few of them a extremely low cost as compared to the new tiny condos that are being built all over Toronto !!!

 

[Rocky]

getting back to the price, understanding these old condos are cheaper - has the value gone down over the time ? a few of them a extremely low cost as compared to the new tiny condos that are being built all over Toronto !!!

The new condos are no way closer to the prices of the older condos. Even the crappies new ones are 175+ which are as small as a condo probably could ever be !!! if the condo prices were to drop over time, all the ones buying (new) condos, are probably for a rough ride !? Not sure if its a good carrier for your investment at all - however i would really question what the prices will be for these new condos priced at 270K+ for a 700 sqft. Does anyone think it would be at least the same if not less or can it actually go up lets say in the next 7 years or so !!

 

[AKS]

Depending on your location, the prices could go up faster or slower. If it's downtown or along Yonge in NYCC, prices tend to go up faster.